#Accounting and bookkeeping services update#

Profit And Loss Account (Statement Of Comprehensive Income).Balance Sheet (Statement Of Financial Position).We finalize the books of account on a periodic basis, normally on an annual basis.

#Accounting and bookkeeping services update#

Our representative will visit the company’s office location or bring the documents to our office and update transactions in suitable accounting software. Hence it is important for us to get the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counterfoils, bank transfer copies, etc. However, proper supporting documents are necessary for us to prepare the books of account. It happens mainly for start-ups in the SMEs (Smaller & Medium Enterprises).Īccuvat supports the clients to prepare the books of account from the date of incorporation of the company to date. Sometimes the companies might not maintain proper Books of Account and reports in the same year the business transactions have happened. and our findings on the review of books of account.

To ensure proper recognition of advances, prepayments, unearned income, etc is done by verifying the accounting records and transactions.įurther monthly review reports will be prepared and issued to the management at the end of every month including the analysis of financial statements, financial ratio analysis, analysis on working capital, BEP, marginal safety, etc.

To ensure that reconciliation of bank accounts, customers’ accounts, suppliers’ accounts, and other major accounts were prepared correctly and in time.Check whether the payments are entered on an accrual basis and proper cut off procedure is done at the end of every month.To ensure the payments made by the company are supported with proper documents and authorized by the concerned manager/owner.Analysis of sales will be made to see from the angle of contributions made by different category of products, salesmen, etc.To ensure that recognition of revenue transactions was properly made as per prudent accounting principles and in conformity with the nature of business and as per contracts.Major observations which require management attention and actions will be conveyed depending on its importance. Review of books of account with necessary supporting documents will be carried out.Our accounting supervision service will cover the following: All the data entry work has to be done by the full-time accountant of the company.

Our executive will visit your office on a periodic basis, weekly or monthly depends upon the scope of the work and time required to complete the assignment. By leveraging our esteemed services, we can help reduce costs, routine clerical or accounting processes, and improve the efficiency of the year-end compliance process allowing you the time and resources to focus on growing and developing the business.

The difficulty of training the new accountants and the transition process from the existing accountant to a new accountant during replacement can be eliminated.Īt Accuvat, we make sure that as an accounting firm, the financial transactions and records of the company are kept up-to-date and accurate allowing key decision-makers to rely on management reports.

Service of more experienced professionals will be available at a lower cost.

There is no additional requirement and expense to hire accountants when accounting is outsourced to the right professionals in the field.

Businesses can concentrate more on their core activities and not lay stress on Accounting Systems for smooth functioning and development of the business.Companies can simultaneously have access to the latest technology without investing large amounts of money to own the technology/software.Businesses can reduce costs significantly by outsourcing accounting services.Outsourcing of non-core activities can improve efficiency, streamlining, and productivity of the company because another independent accounting firm can perform those tasks efficiently with expertise better than the company itself. Hence, accounts outsourcing services could be the best option for them to choose. To keep pace along with the growing economy of the country, to comply with the legal requirements and to compete with the businesses, it is sometimes difficult to manage the accounting activities of their businesses within the company especially for SMEs. As per the UAE Commercial Company Law 2015 and VAT Laws, it is mandatory to maintain proper books of account for at least five years. The legal requirement to maintain proper books of account is also becoming more important in the region. Our Accounting and Bookkeeping Services include: 1.